Asia shares slumped, but US equity futures and Treasuries stabilized as oil prices surged, heightening concerns about inflation. The US benchmark oil price reached $95 a barrel, the highest in over a year, due to falling stockpiles, contributing to worries about persistent inflation. This pushed the 10-year Treasury yield near 4.6%, its highest since 2007.
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Brent prices remain firm since OPEC+ reduce oil production by 2 million barrels per day from market on November only one week before US midterm election
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Brent price touched the lowest level of the week to 91.10 level after a larger than expected rise in US inflation data
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The downside risks are still advocated amid escalating fears of a recession situation in the global economy.
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The International Monetary Fund (IMF) announced the economic Outlook Report
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The warnings come related to global economy growth from the World Bank and IMF
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Last week, OPEC+ reduce oil production by 2 million barrels per day from November
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After the cut for oil production, the black metal price is on the increase
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